Prime Minister Liz Truss and her new Government have set out plans to grow the UK economy in an attempt to ward off a looming recession.
Key to growth is creating an environment which encourages productivity and entrepreneurialism. Importantly the Government wants people to keep more of the money they earn because we cannot tax our way to prosperity. The main advantage of this is plan is that growth provides more money for the public services on which we all rely.
Following the pandemic and war in Ukraine, the country faces multiple economic challenges: rising energy prices, inflation, labour shortages and public services struggling to recover. This is occurring at the time that we move out of a lengthy period of low interest rates, to more normal rates.
To tackle these challenges, we need growth. By growing the economy, we futureproof the nation’s finances. We need to be bold to create the conditions for prosperity. The PM’s ambitious vision will avoid slow decline. Given the financial environment there is no option but to stimulate the economy. Business as usual is not an option.
Financial markets have been understandably nervous with the pound on a downward trajectory for over a year. The recent mini budget created further jitters. The pound is now back where it was pre-budget, but still down on this time last year.
Government must not be deterred from executing its plan. Staying the course and delivering for the British people is the only option. It is because we feel more comfortable in ‘business as usual mode’ that we have seen decline. The elected Government must deliver for the people and to ensure their needs and concerns are addressed, creating an environment where everyone’s potential can be realised. Doing nothing is not an option.
The country needs Liz Truss to succeed. She inherited an almost impossible in tray when she became Prime Minister. It is not credible that someone else would somehow find the current challenges any easier to manage. It is time for MPs to put the country first and get behind the PM’s agenda and look to better days ahead.
